Valladolid jumped ahead after only eight minute of play when Javi Guerra got on the end of a cross from Antonio Rukavina, heading the ball past Gorka Iraizoz in to the upper left corner.
Atheltic fought right back and nearly pulled even just minute after the goal. Aritz Aduriz make a nice move to create himself some space and beat Daniel Hernandez with his shot. Unfortunately, luck wasn't on his side as the ball bounced off the post and away from danger.
Valladolid struck again shortly after Aduriz's miss when Daniel Larsson found Alberto Bueno in front of the Athletic goal. Bueno made no errors, beating Iraizoz from close range to put the home side up 2-0 after only 15 minutes of play.
To Athletic's credit they didn't lay down and continued to fight hard. The effort paid off in the 22nd minute when Markel Susaeta put in a cross from the right wing that was hammered past Hernandez on the volley by Oscar de Marcos.
Athletic refused to lie down, though, and halved the deficit midway through the first half through De Marcos, who lashed an unstoppable volley past Hernandez from Susaeta's right-wing cross.
Marcelo Bielsa's side kept up the hard work in the second half and got a well earned equalizer in the 50th minute. This time Susaeta was on the business end of a headed on ball from Aduriz that feel right on to the foot of the midfielder. Susaeta wasted not time re-directing the ball in to the upper left corner past Hernandez, pulling Athletic even at 2-2.
Susaeta missed a chance late to give Athletic the full three points, firing a ball just wide of the post. Considering the poor start, one expects Bielsa will be pleased with the point and his team's effort.